Ecotourism has been envisaged not only as an alternative to mass tourism, but also as a livelihood diversification strategy for rural people. Researchers have presented mixed arguments regarding the relationship between Community Based Ecotourism Projects and rural livelihoods. This study therefore examined the link between rural livelihoods by conducting an in-depth assessment of the Wechiau Community Hippo Sanctuary Reserve. The research employed a cross sectional design with a mixed research approach. Questionnaires were used to collect data from 214 respondents in Kpanfa, Pellinkpari, Dochere, Dornye, Talawona and Tuole. Series of in-depth interviews were also carried out using interview guides and field observation. The study found that, the emergence of ecotourism in the area caused the emergence of some new livelihood activities while some traditional livelihood activities saw a decline while others were completely abandoned due to the enactment of some conservation bye- laws. Respondents were dissatisfied with the contribution of ecotourism livelihood activities to sustainable livelihoods coupled with unequal sharing and distribution of ecotourism benefits among sanctuary communities. The study recommended for more sustainable livelihood options to be developed by the Sanctuary Management Board to help improve the situation of the poor rural farmer on who’s livelihood ecotourism activities have a direct bearing and to also develop and implement a strategic policy framework to facilitate benefit sharing among catchment communities.